Silver Price Analysis:
Today, on May 31st, 2024, silver prices have resumed their downward trajectory following a brief uptick observed in previous sessions. The decline has been further accentuated as the price has breached the $31.00 level and shows signs of consolidating below it. This resurgence in negativity reinforces the prevailing bearish sentiment, indicating a potential continuation of the downtrend in the upcoming trading sessions. The target for this bearish movement is set at $30.06.
Anticipated Scenario:
An additional observation reveals the formation of a double top pattern, with its confirmation line situated at the aforementioned target of $30.06. The breach of this level is expected to catalyze further losses, potentially leading the price towards $28.55 and subsequently $27.65. Sustaining the suggested bearish momentum necessitates the price to remain below the $31.75 mark.
Expected Trading Range:
Traders should be mindful of a trading range bounded by a support level at $30.20 and a resistance level at $31.10. This range is indicative of the potential price movements within the current market conditions.
Trend Forecast:
Given the prevailing market dynamics and technical indicators, the trend forecast remains bearish for silver prices.
